How are India’s top jewellers tackling the recent uncertainty? Rising gold prices have not impacted consumer sentiment significantly- well, this is as per the Q1 sales update from most jewellery retailers. A big majority of them have delivered double-digit sales. Key domestic brokerage house Motilal Oswal has picked three big movers in the jewellery retail space and recommended ‘Buy.’ They see upside potential of as much as 35% in some of these counters.
Here is a look at Motilal Oswal’s top 3 gold jewellery retail stock and what’s powering their bullish call-
Motilal Oswal on Titan: Strong sales trajectory
Motilal Oswal has recommended ‘Buy’ with a target price of Rs 4,250 per share. This implies that the Titan share price has a potential upside of another 16% from current levels. The brokerage house highlighted the key aspects of the pre-quarterly Q1 update, which indicated that domestic sales have soared 18% despite gold price volatility. The growth in the international market was around 49%. Almost all verticals of Total, from jewellery and watches to women’s accessories, perfumes, and apparel, clocked double-digit growth. There were new store additions too across brands.
However, one niggling concern for the jeweller and the watch retailer from the Tata Group is that the domestic growth for Tanishq, Mia, and Zoya (TMZ) remained in low double digits, driven by ticket size growth across formats.
Motilal Oswal on Kalyan Jewellers
Motilal Oswal has a Buy rating on the stock with a target price of Rs 660 per share. This implies about 13% upside for the Kalyan Jewellers share price. The jewellery retailer reported consolidated sales growth of 31% YoY despite volatility in gold prices and geopolitical tensions. As of June 30, the total stores stood at 406, with 287 Kalyan stores in India, 81 outlets of Candere, 2 stores of Kalyan US, and 36 stores of Kalyan Middle East.
The India business was driven primarily by robust Akshaya Tritiya and wedding demand. The quarter recorded a healthy same-store sales growth of 18% Vs 21% in Q4FY25 and 12% in Q1FY25. The international market contributed 15% to consolidated revenue for Q1FY26.
Motilal Oswal on PN Gadgil
Motilal Oswal not only has a Buy recommendation on PN Gadgil but also sees potential for a massive 35% upside in the PN Gadgil share price. They have set a target price of Rs 825 per share. According to the brokerage house, the company posted 35% YoY growth on Akshaya Tritiya, and the retail segment (70% of revenue) grew 19% YoY, reflecting stable store-level operations. The same-store sales growth stood at 8% in Q1.
However, growth was impacted by the absence of Gudi Padwa in the quarter. In FY25, Gudi Padwa occurred during Q1, supporting performance. In FY26, however, the festival was advanced to Q4FY25, affecting LFL growth. Gudi Padwa sales were Rs 123.5 crore this year (booked in Q4).